"Great Britain.—Baxter, in 1867-8, estimated, from accepted data, the aggregate value of the real and personal property of the United Kingdom at 6,000,000,000 pounds, or 30,000,000,000 dollars. I should put it for 1872 as high as seven, possibly eight, thousand million pounds.
"France.—I know of no estimate of the aggregate value of property in France. I find several recent French writers, who incidentally refer to it, as less than that of Great Britain.
"No. 3 and 5. Annual Gross and Net Income on Savings.
"Baxter estimates, for 1867-8, the annual gross income of the United Kingdom as 814,000,000, or $4,070,000,000; and the net at about 600,000,000, or $3,000,000,000. This last constitutes the fund out of which the nation feeds and clothes itself, pays taxes, and repairs and saves. I should estimate the gross income of Great Britain for 1872-4 at full 1,000,000,000, and the net at 800,000,000. There are no reliable data for estimating annual savings, constituting new capital. Ten per cent., which is a high estimate, in my judgment, would give 80,000,000, or $400,000,000; and yet these figures are not consistent with the recent returns of the Board of Trade, respecting the income from British foreign investments.
"France.—Victor Bonnet asserts that the data are certain that France before the war of 1870 saved annually as much as $400,000,000—2,000,000,000 francs; and thinks that the present saving is about $600,000,000. He quotes Sir Robert Peel, approvingly, to the effect that France, with equal revenues, saves more than Great Britain.
"United States.—Greater natural resources here give a greater gross and net income, with equal labor. I am inclined to put our gross income between $6 and $7,000,000,000. I do not believe our annual saving, in prosperous years, in excess of five per cent., or from $300 to $400,000,000.
"4. Annual Income from Foreign Investments.
"Great Britain.—A late number of the London Economist puts 80,000,000, or $400,000,000, as the minimum paid Great Britain by foreign countries for interest on capital invested abroad, and for freights and commissions. The last year, I should think, represented full one-third.
"France.—The estimate of revenue derived by France from industrial enterprises in foreign countries and foreign loans, from 1873-4, is about 260,000,000 francs, $52,000,000.